Minority Leader John Boehner calls it a “crap sandwich”.
I agree! But now it looks like enough people are on board to take a bite of it here in DC that this will be the main entree on this Congress's menu. What a horrible legacy for Ms. Pelosi and Mr. Reid. Then, of course, the Bush Administration will also add this to its menu--after all, it is their recipe for the most part--adding a big pile of steaming crap to his domestic policy legacy (will anyone notice, I wonder).
From Congressman Mike Pence (Human Events--emphasis added):
Dear Colleagues:
Our nation has been confronted by a serious crisis in our financial markets. The President and this Congress were right to act with all deliberate speed in addressing this crisis.
We now have a deal that promises to bring near-term stability to our financial turmoil, but at what price?
Economic freedom means the freedom to succeed and the freedom to fail.
The decision to give the federal government the ability to nationalize almost every bad mortgage in America interrupts this basic truth of our free market economy.
Republicans improved this bill but it remains the largest corporate bailout in American history, forever changes the relationship between government and the financial sector, and passes the cost along to the American people. I cannot support it.
Before you vote, ask yourself why you came here and vote with courage and integrity to those principles.
If you came here because you believe in limited government and the freedom of the American marketplace, vote in accordance with those convictions.
Duty is ours, outcomes belong to God.
We have fought the good fight. Now we need to finish the race and make sure that posterity and the American people know there were conservatives who opposed the leviathan state in this dark hour.
And if you do this I promise you, I will stand with you and, I believe with all my heart, the American people will stand with you as well.
MIKE PENCE
As my friend, DJ McGuire, says...this is principle. I call it character. Whatever you call it, unfortunately it is in short supply in Washington.
My thanks to DJ for also bringing my attention to Doug Mataconis over at Below the Beltway.
As DJ says, he has the line of the day (so far) on the bailout, and the blank check it will (almost literally) give Henry Paulson:
It’s the kind of unchecked authority that would have made even Alexander Hamilton blush . . .
Indeed!
2 comments:
I think they should just scrap this thing and start over. Did you call your Representative and tell them no? They are preparing to vote very soon, CALL!! OB and I were talking about this yesterday- I'm sure that Wall Street is working on its own solution to this problem. They are well aware that lending has slowed down dramatically. That is what we need to focus on. Why wouldn't we free the markets by LENDING Wall Street money to continue daily business instead of rewarding them by taking the bad mortgages off their books? One positive outcome of the compromise bill is that it will probably create a greater need for Wall Street to fix its credit problems without the government. I don't think any executive would take a pay cut to get the money from the government.
I think they should DO NOTHING!!
See my post Ten Reasons to Oppose the Bailout.
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